An inventory analyst job description calls for an individual who has an analytical mind and the ability to pay very close attention to detail in order to implement effective inventory control protocols. These individuals can work in a variety of settings, but they are in high demand in warehouses and stockyards.
The inventory analyst develops, implements, and maintains all of the procedures and protocols in regard to proper inventory control for the purpose of maintaining accurate financial information.
Essential Duties and Responsibilities of an Inventory Analyst
- Partners with the company’s accounts receivables department to ensure that all transactions are being accounted for.
- Works to resolve discrepancies between the amount of inventory and the amount of revenue quickly and accurately.
- Monitors inventory levels very closely and resolves any issues that may become apparent.
- Develops and implements systems for accurately managing inventory.
- Ensures seamless movement of products and inventory.
- Maintains records regarding inventory control, intake and sales.
- Reports to upper management regularly and provides recommendations for better inventory control.
- Assists in inventory deliveries and shipment of inventory as required.
- Orders new inventory from manufacturers as needed.
Required Knowledge, Skills and Abilities
- Demonstrates the ability to pay very close attention to detail and immediately notice any discrepancies regarding inventory and finances.
- Shows the ability to solve complex problems individually and quickly.
- Possesses the ability to create solutions to previously unsolved issues.
- Must be able to communicate well with others in order to implement inventory control plans.
- Demonstrates the ability to work well with computers and maintain databases effectively.
- Shows professionalism, particularly when working with clients and customers or other departments within the company.
- Possesses strong written communication skills for the creation of reports.
Education and Experience
Most employers require an inventory analyst to possess a four-year Bachelor’s degree in business administration, business management, operations management or a related field. However, if the candidate shows a great deal of experience working in inventory control, this degree may not be necessary. There is no certification or licensure required for this position and most candidates learn how to perform their jobs from their employers directly.
The work environment for an inventory analyst varies quite a bit based upon the industry for which he or she works. For example, if the analyst is working for a pharmaceutical company, he or she will work in a climate controlled setting with very little physical demand. Conversely, if the analyst works for a wholesaler of large tools or equipment, then he or she will likely spend some time exposed to the elements in huge warehouses. The job requires a lot of walking and standing, and most candidates can expect to work traditional 40-hour workweeks.
The average inventory analyst salary is approximately $58,000 per year, but there are several factors that can affect how much an individual earns annually. For instance, those who are highly qualified for their jobs and must control a huge amount of inventory can earn up to $80,000 per year. Conversely, entry-level candidates working in small warehouses or for smaller retailers may earn only about $30,000 per year.